KPMG has sold its Labuan-based trust company to Alpadis Group, with the with Switzerland-headquartered fiduciary services provider Alpadis taking over the client portfolio and staff.
The accounting firm - one of the Big Four - has been providing corporate services and tax advisory for over 20 years in Labuan, a Malaysian territory that is being developed into an international financial centre by the government.
"We are a fast-growing group operating in a complex regulatory environment, so to have the staff from KPMG's Labuan Trust Company business join Alpadis to continue servicing the clients will provide the perfect complement to Alpadis Group's own core competencies," Alpadis' CEO Alain Esseiva (pictured), said in a statement.
"We are a fast-growing group operating in a complex regulatory environment, so to have the staff from KPMG's Labuan Trust Company business join Alpadis to continue servicing the clients will provide the perfect complement to Alpadis Group's own core competencies."
Alpadis Group have been present in Labuan since 2011, providing a range of services from registration, incorporation and administration of Labuan entities and foundations, accounting and other related corporate services, as well as wealth planning services.
"In Labuan, KPMG has been providing corporate services and tax advisory for over 20 years and has established a number of top-level clients which Alpadis Group can now service. This acquisition and transfer of the Labuan Trust Company clients from KPMG will add to Alpadis Group's steady growth over the past few years in Hong Kong and Singapore, further adding expertise and capacity for us to be able to provide the best, most professional service for our clients," Esseiva added.
Strategically located near the regional financial hubs of Singapore and Hong Kong, Labuan is becoming a leading mid-shore jurisdiction not only for company expansion but also for wealth planning and management.
The transfer of the Labuan Trust Company business from KPMG will be completed in February 2019
